I'm PREAPPROVEDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!!!!! Any warnings, thoughts, ideas??

[Anonymous]

I was preapproved yesterday for an FHA loan and heading out with my realtor on Monday to check out some houses!!  Ugh! I'm so excited I can't stand it!    Anyone have any thoughts to what might hinder the process?  What to expect now? 

I've paid all my utilities for the next 3 months and my cc balance is $13.  I won't pay it off because my analyzer says my score will drop by 15 points if I pay it in full, so I'm just keeping a tiny balance on it. 

 Also, I know preapproved doesn't mean that I am actually guaranteed a loan, but percentage wise, how are my chances?  Lender pulled my credit went through my employment and taxes up to 2009.  Even went over my year unemployment that streched from June 2009 to June 2010, and was still preapproved... what should I expect?

[boomhower]

Just have your ducks in a row and your paperwork ready to go.  As long as you were honest with the LO and there's nothing big and ugly in your reports it should be fine.  As long as the LO did there job right and your reports and other docs are good to go the process shouldn't be to bad.  Congrats and good luck!

[Anonymous]

I'm going to be gathering my paperwork together over the next few weeks.  Everything I told the lender as far as income and work history was right on point. I had previously contacted Quicken Loans the first week of Jan and lender said that my credit scores were fine, wanted me to pay a couple medical bills that date back from 2005, and see 6 more payments on my credit card.  My curent LO works with my relator and I had told him what Quicken said.  He did a hard pull of my credit and said there's nothing on my report that I should be required to repay.  I have 4 medical bills, 3 from 2005 but one of those reports as 2006 and another as 2007, but they were from an injury I received while at work - was hit in the ribs with a steel door, but I also had bronchitis at the time, so the hospital treated me for the bruised ribs and build workers comp then charged me for "diagnosing me" with bronchitis.  One bill is for $3200, another is for $1100, and the other is for $800, and 2 of those (I think the highest 2) are scheduled to fall off between March/April this year.  I have one other bill from 2007 that is reporting as 2006 for Embarq, for services that I had continuously paid for (charged a month in advance) and then after a year, opted to switch back to Cox, so I cancelled.  They never disconnected my service I guess? I didn't know because I had other service.  Charge is $365, but after calling Century Link (bought out Embarq) they said their records show $207.  I received notice after a dispute that it was removed from one credit report.  I just don't remember which one.  Also have a paid (released) tax lien (IRS), paid student loan, and paid VA debt all paid off in 2009.  My credit score is a 668 right now, and my current CC is the first one I've had in 11 years... with a little $350 limit and at the time of the credit pull a $41 debt, paid on time since I got it 6 months ago, and now has a balance of $13. I'm a single mom of 3 kids and had some rocky points with the economy. I don't make much but it's steady and stable.  Also, my oldest child is disabled and receives disability which I'm not having them factor any of that into income. Just my income and child support.  It's been a long road getting my credit up to a decent score, and this all just seems too good to be true.  *someone pinch me!*

[mlearma]

Good Luck....I am at the end of the underwriting process.  I remember getting my pre-approval and thought to myself...whew...all my hard work on my scores and re-establishing has really paid off.  It was very exciting.  It took me 18 months to get 150 point increase with myfico.com.  I was in a previous marriage and the divorce really hurt my score.

Just prepare yourself for a ton of questions and additional documentation.  My new husband and I are going with a VA loan and I have literally had to give them blood.  We are 1-2 days from clear to close and I have faxed well over 150 pages. 

Congratulations, I hope your broker/lender is more efficient than mine.  Enjoy the new home.

[Anonymous]

I've worked hard and without any family support this will be a major accomplishment on my "to do" list. Being able to supply my children with a permanent home will be a great feeling. I have rented for the past 10 years through the most expensive prices in Vegas history and I hope it's finally my time to have my dream. I will feel like a million bucks when all is said and done! I don't care if they ask for 1000 more papers, just get me in my house!

[K_J]

Congratulations! I hope all goes well. now go and start house shopping.

[missdre]

Just wanted to say congrats!!!!

We'll be trying to get preapproved in a few weeks so it's exciting to see someone else with some success!!

[Anonymous]

My realtor has already been sending me listings and we're going out looking on Monday at several homes in the area.  I've been emailing him homes that I've found (almost all of them already have offers on them, Vegas is a busy busy market right now) so he has an idea of what I'm looking for.  I also emailed him a description of my "perfect" home, then told him what I will and won't compromise on so he knows exactly where I stand.  I'm not picky and am open to all areas in town, but would prefer a newer built home, 2 car garage, 2 story, and a big enough back yard for the kids to play, add a patio if it doesn't have one, and maybe an area for a hottub/above ground pool (homes built after 2000 here usually have a VERY small backyard and smaller sq footage because land cost so much during that time).  Willing to do a 1 car garage if the price is right, other "wants" are met, and neighborhood.  Also hoping to find one without an HOA but willing to go with HOA if the house is in the lower range of price.  Told him today that I'll also consider a condo if it's a newer build and a low price with low HOA and a garage. (3 bedroom 2 bath condos are going for around 35k to 75k here, if I land one for 40k, newer build I'll be pretty happy - they made a lot of them with hard wood or laminant floors/granite counters/recessed lighting/and average about 1200 sq feet)  I was so certain of what I wanted and where before this process, now I'm so indicisive it's funny.

Thank you everyone for the well wishes!!! I don't have anyone else to share this experience with !!

[Anonymous]

Phoenix Metro is busy too. But, it is all cash buyers with very low offers.  Be ready to move quickly and don't be afraid to ask your realtor to do back up offers

[Anonymous]

I have the funds ready and available for an earnest deposit and live less than a 5 minute drive from my bank   I'm scheduled to take a first time home buyer class at the end of March and my pre-approval is up the first week of April.  This class can give me upto 20k for a downpayment through their funding that would only have to be paid back if I sell the home.  Anyone have experience with a program like this?  I'm anxious to buy, but If I wait a couple more months, I might be in a better spot.  Also considering my landlord won't allow me to break the lease without $1500.  I've lived here for 5 years, paid on time each month, have gone all winter without heat because they don't complete work orders (I'm from the midwest so it isn't that big of a deal to me, but I can make it a big deal if it allows me to break the lease w/o paying $1500), and to make matters worse, the complex I live in is pretty ghetto.  It has become a lot better over the years but when I first moved in there were a couple shootings and I've been robbed 4 times (yay for renters insurance - I put notes on the backs of my TVs that say "If you take me, please take everything or burn the place down".  Total downside to cheap rent, being a working single mom, and living in a field of SSI and S8 neighbors that don't work and get to know your schedule.  *sigh* I won't miss this place one bit!